-necessarily law-invariant risk measure constraint. Under a consistency requirement on the risk measure that we call Vigilance, we show … property. Vigilance is satisfied by a large class of risk measures, including all distortion risk measures and some classes of … robust risk measures. As an illustration, we consider a problem of optimal insurance design where the premium principle …

unambiguously reduce risk, and decision makers might demand more insurance when there is a positive loading on the premium than when …-period model where risk is concentrated in the second period and derive the conditions under which these demands differ. We examine … the effects of risk aversion and derive the conditions under which a more risk-averse individual demands more or less …

Expected utility provides simple, testable properties of the optimum behavior that should be displayed by risk …-Expected Utility and Risk Management examines whether the existing results in insurance economics are robust to more general models of … behavior under risk …